Regulates commercial finance licensing

This bill establishes a licensing requirement for businesses offering certain small commercial financing products to New York-based businesses. It requires a license to provide loans, factoring, or leasing under $500,000 to businesses, directly affecting non-bank lenders and finance companies. Key provisions include an application process with financial solvency requirements, a $50,000 liquid asset minimum per location, and exemptions for banks, credit unions, and entities making five or fewer transactions annually. The bill also outlines penalties for operating without a license and defines prohibited practices.